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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Tilray Brands, Inc. (TLRY). Click either name above to swap in a different company.
Tilray Brands, Inc. is the larger business by last-quarter revenue ($217.5M vs $54.4M, roughly 4.0× Canopy Growth Corp). Tilray Brands, Inc. runs the higher net margin — -20.7% vs -84.0%, a 63.4% gap on every dollar of revenue. On growth, Tilray Brands, Inc. posted the faster year-over-year revenue change (3.1% vs -0.3%). Over the past eight quarters, Tilray Brands, Inc.'s revenue compounded faster (7.5% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Tilray Brands, Inc. is an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, incorporated in the United States, headquartered in New York City. Tilray also has operations in Canada, Australia, New Zealand, and Latin America, with growing facilities in Germany and Portugal.
CGC vs TLRY — Head-to-Head
Income Statement — Q3 2026 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $217.5M |
| Net Profit | $-45.7M | $-44.9M |
| Gross Margin | 28.8% | 26.4% |
| Operating Margin | -35.3% | -10.2% |
| Net Margin | -84.0% | -20.7% |
| Revenue YoY | -0.3% | 3.1% |
| Net Profit YoY | 48.6% | 47.4% |
| EPS (diluted) | — | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $54.4M | $217.5M | ||
| Q3 25 | $48.7M | $209.5M | ||
| Q2 25 | $52.7M | $224.5M | ||
| Q1 25 | $47.5M | $185.8M | ||
| Q4 24 | $54.6M | $210.9M | ||
| Q3 24 | $46.0M | $200.0M | ||
| Q2 24 | $48.3M | $229.9M | ||
| Q1 24 | $53.1M | $188.3M |
| Q4 25 | $-45.7M | $-44.9M | ||
| Q3 25 | $-1.2M | $-322.0K | ||
| Q2 25 | $-30.3M | $-1.3B | ||
| Q1 25 | — | $-789.4M | ||
| Q4 24 | $-89.0M | $-85.3M | ||
| Q3 24 | $-93.7M | $-39.2M | ||
| Q2 24 | $-92.8M | $-31.7M | ||
| Q1 24 | — | $-92.7M |
| Q4 25 | 28.8% | 26.4% | ||
| Q3 25 | 32.8% | 27.4% | ||
| Q2 25 | 25.0% | 30.1% | ||
| Q1 25 | 16.2% | 28.0% | ||
| Q4 24 | 32.2% | 29.0% | ||
| Q3 24 | 34.7% | 29.8% | ||
| Q2 24 | 34.8% | 35.8% | ||
| Q1 24 | 21.3% | 26.2% |
| Q4 25 | -35.3% | -10.2% | ||
| Q3 25 | -25.3% | 1.0% | ||
| Q2 25 | -31.4% | -643.1% | ||
| Q1 25 | — | -409.0% | ||
| Q4 24 | -31.9% | -20.0% | ||
| Q3 24 | -72.9% | -18.3% | ||
| Q2 24 | -44.0% | -7.2% | ||
| Q1 24 | — | -43.6% |
| Q4 25 | -84.0% | -20.7% | ||
| Q3 25 | -2.5% | -0.2% | ||
| Q2 25 | -57.6% | -566.9% | ||
| Q1 25 | — | -424.9% | ||
| Q4 24 | -163.0% | -40.5% | ||
| Q3 24 | -203.7% | -19.6% | ||
| Q2 24 | -192.0% | -13.8% | ||
| Q1 24 | — | -49.2% |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $7.26 | ||
| Q1 25 | — | $-8.69 | ||
| Q4 24 | — | $-0.99 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $271.1M | $291.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $1.6B |
| Total Assets | $807.5M | $2.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $291.6M | ||
| Q3 25 | $217.6M | $264.8M | ||
| Q2 25 | $104.8M | $256.4M | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $130.2M | $252.2M | ||
| Q3 24 | $168.8M | $280.1M | ||
| Q2 24 | $142.3M | $260.5M | ||
| Q1 24 | $148.5M | $225.9M |
| Q4 25 | $553.5M | $1.6B | ||
| Q3 25 | $537.3M | $1.5B | ||
| Q2 25 | $357.0M | $1.5B | ||
| Q1 25 | $355.7M | $2.7B | ||
| Q4 24 | $431.8M | $3.5B | ||
| Q3 24 | $372.1M | $3.5B | ||
| Q2 24 | $389.0M | $3.4B | ||
| Q1 24 | $365.3M | $3.4B |
| Q4 25 | $807.5M | $2.1B | ||
| Q3 25 | $781.0M | $2.1B | ||
| Q2 25 | $660.4M | $2.1B | ||
| Q1 25 | $669.9M | — | ||
| Q4 24 | $849.9M | $4.2B | ||
| Q3 24 | $899.6M | $4.3B | ||
| Q2 24 | $938.9M | $4.2B | ||
| Q1 24 | $949.2M | $4.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-8.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.5M | ||
| Q3 25 | — | $-1.3M | ||
| Q2 25 | $-7.5M | $-12.8M | ||
| Q1 25 | $-121.0M | $-5.8M | ||
| Q4 24 | — | $-40.7M | ||
| Q3 24 | — | $-35.3M | ||
| Q2 24 | $-37.8M | $30.7M | ||
| Q1 24 | $-205.8M | $-15.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-8.5M | $-19.1M | ||
| Q1 25 | $-128.9M | $-20.2M | ||
| Q4 24 | — | $-46.2M | ||
| Q3 24 | — | $-42.0M | ||
| Q2 24 | $-40.7M | $21.0M | ||
| Q1 24 | $-208.3M | $-24.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -16.1% | -8.5% | ||
| Q1 25 | -271.5% | -10.9% | ||
| Q4 24 | — | -21.9% | ||
| Q3 24 | — | -21.0% | ||
| Q2 24 | -84.1% | 9.1% | ||
| Q1 24 | -392.1% | -13.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.8% | 2.8% | ||
| Q1 25 | 16.6% | 7.8% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | 5.9% | 4.2% | ||
| Q1 24 | 4.7% | 5.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CGC
| CA | $45.4M | 84% |
| International Markets Cannabis | $6.2M | 11% |
| Other | $1.5M | 3% |
| Other Geographical Area | $1.2M | 2% |
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
